Cloud software company Neuron7.ai has announced that it has raised $4.2 million in seed funding from early-stage venture capital firm Nexus Venture Partners and Battery Ventures.
The firm has come out of stealth mode to announce this round. A company goes into stealth mode when it tries to keep some new idea or project a secret until it is time to be released to the public.
The proceeds from the seed investment will be utilized to expand the company’s engineering, product, and sales team, Neuron7.ai said. It counts among its investors and advisors names such as Akash Palkhiwala, (CFO Qualcomm) Ashish Agarwal, (CEO Neudesic Global Services), Kintan Brahmbhatt, (GM Amazon Podcasts), and Anand Chandrasekaran, (EVP Five9.) After the investment, Abhishek Sharma, managing director at Nexus Venture Partners, joined the company’s board.
The one-year-old Neuron7.ai is known for enabling companies to deliver on their crucial Service outcomes with its Service intelligence platform, which provides insights at scale, empowering service teams to make decisions based on data instead of individual experience and opinions. It helps firms arrive at accurate service divisions and analyzes signals across many structured and unstructured datasets—including CRM data, technician notes, knowledge base content, product manuals, device data, and even Slack messages— and can deliver accurate predictions at scale, helping service leaders deliver on crucial metrics like first call resolution, turn-around-time, and service margins.
For companies managing complex products in technology, manufacturing, and healthcare, and where service organizations are required to support hundreds of product models, versions, errors, and issues, Neuron7.ai helps transform customer service into a cloud-based AI-powered workflow. For example, it can predict within a few seconds the exact resolution of the incoming customer issue or some other critical error. According to Neuron7.ai founder and CEO Niken Patel, the company’s value increases by many times when it provides predictions across different parts of the service business – Tier 1 service centers, repair, field technicians, and others.
Neuron7.ai tested the product with several Fortune 100 companies while it was in stealth mode, tests which yielded excellent results. “The signal or prediction accuracy is achieved when AI works across heterogeneous datasets. For a particular industry, the signal could be in the combination of technician notes, device data, and service manuals. And that is where Neuron7 excels. Our point of view is that service-intelligence solutions are going to be massively successful when they are industry-specific. Or even specific to a particular device or machine,” said Amit Verma, Neuron7.ai engineering head.
“AI-driven diagnostics and resolution predictions are just the start. Our vision is that service decisions at scale within a company are accurately taken via a Service Intelligence system of record. As multiple industries move to an outcome-as-a-service subscription model, platforms like Neuron7.ai are going to be foundational to a company’s service business,” Patel added.